UBots FAQ: Underwriting Automation Questions Answered

Answers to common questions about how UBots calculate premiums, which lines they cover and how insurers deploy them.

What is an underwriting bot?

Software that applies an insurer's pricing logic and underwriting guidelines to a risk automatically, returning a technical premium and a record of how it was reached.

How do UBots calculate the premium?

From historical loss experience, plus reinsurance (treaty XOL) cost, expenses of management, commission, net retention and the target combined ratio and RoNW, with product-specific risk factors for each line.

What does "premium sufficiency" mean?

That the premium covers expected Claims + IBNR + Expenses of Management + Commission + Profit Margin. UBots test this for every quote.

Which lines of business are supported?

D&O, Cyber, Financial Institutions, Crime, CGL, A&E and Single Project PI, Property, CAR, Workmen's Compensation, Jeweller's Block and Group Health. Other lines can be configured.

Is the output an insurance quote?

No. UBots produce indicative technical rates for underwriters. Cover and final terms are always issued by the insurer.

Can UBots use our own data and guidelines?

Yes. In a full deployment UBots are configured on your loss data, treaty structure and CUO authority limits.

How do UBots help with IFRS 17 / Ind AS 117?

They surface contractual service margin (CSM) related metrics from underwriting data for reporting.

How do I try UBots?

Use the free beta bots on the Underwriting Bots page, or book a demo for a configured walkthrough.